PORTLAND, Ore. — Oregon businesses are still encouraged to apply for a loan the Paycheck Protection Program through the Small Business Association.

In a press release Friday, Governor Kate Brown’s office said most of the loans will be forgivable for the majority of recipients and are designed to help businesses pay their employees during the pandemic. Oregon’s financial institutions have already helped nearly 55,000 Oregon businesses with more than $7 billion in loans distributed. According to the Governor, there’s still an estimated $100 billion available in the program nationwide, so she’s encouraging Oregon businesses to take advantage of the program.

“Many small businesses, especially those owned by people from communities of color, immigrant communities, and historically underserved communities have faced hurdles in receiving the funds for which they are eligible,” said Governor Kate Brown. “I’m committed to ensuring that Oregon businesses and working families receive the critical federal dollars they need during this crisis.”

Under federal guidelines, the SBA loans do not have to be paid back if the businesses follow the SBA guidelines for loan forgiveness. For loans that are not forgiven, the loans are for two years at 1% interest with no payment in the first six months. Many banks and credit unions across the state are still accepting applications for the program, including from new customers.

“Any Oregon business impacted by COVID-19 that has under 500 employees – including sole proprietors – may be eligible for this unique, short-term program. Spread the word that there are still funds available – funds we want to get into the hands of Oregonians,” said Linda Navarro, president and CEO of the Oregon Bankers Association.

According to the Governor’s office, financial institutions are reaching out across the state to raise awareness and ensure that eligible and interested Oregon businesses receive a share of the remaining program funds authorized by Congress.

Business owners are encouraged to call the Governor’s COVID-19 Small Business Navigator at 833-604-0880 for assistance navigating available resources. Lists of Oregon financial institutions providing SBA Paycheck Protection Program loans are available here for credit unions and banks.